Impact of COVID-19 on Pharmaceuticals Market Worth USD 2,151.1 Billion at 7.0% CAGR by 2027 Backed by Presence of Established Companies in North America

Pune, India, Jan. 15, 2021 (GLOBE NEWSWIRE) — The global pharmaceuticals market size is expected to gain momentum by reaching USD 2,151.1 billion by 2027 while exhibiting a CAGR of 7.0% between 2020 and 2027. This is attributable to the increasing prevalence of chronic disease and the growing adoption of modern technologies that is leading to the evolving pharmaceuticals sector amid COVID-19 globally. This information is published by Fortune Business Insights. The report further mentions that the market stood at USD 1,230.2 billion in 2019.Stalled R&D Healthcare Projects Owing to COVID-19 to Hinder GrowthIn March 2020, companies such as Pfizer, Eli Lilly, Bristol-Myers Squibb, and Provention Bio, among others officially announced the postponing of the clinical trials that were underway to focus on the novel coronavirus. According to the research of clinicaltrials.gov, around 2522 clinical trials were suspended, and 1099 trials got postponed between the months of January and May 2020.
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The postponement of R&D healthcare projects has led to the reduced demand for pharmaceuticals that is affecting the growth of the market. However, the increased spending in the healthcare sector, along with the rising focus on finding a cure for the global pandemic is expected to bode well for the market in the near future.A massive spurt in healthcare spending owing to the burden of the treatment of chronic diseases and several disorders for the past ten years has boosted the adoption of pharmaceutical products globally. The pharma companies are aiming to provide affordable and efficient treatment to the patients by focusing on innovating their products to cater to the rising demand.
Increasing Prevalence of Chronic Disease to Accelerate GrowthAccording to the report by the Partnership to Fight Chronic Disease Organization, around 133 million Americans that constitute over 45% of the total population suffer from at least one chronic condition.  The increasing prevalence of chronic disease is expected to propel the demand for advanced pharmaceuticals by the patients globally. Additionally, the emergence of technology has led to the increasing adoption of innovative digital technologies to provide better diagnosis and treatment facilities. These factors are likely to boost the global pharmaceuticals market growth in the forthcoming years.
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Drug Segment Held a Major Market Share in 2019The drug segment, based on the type, held a major share of the market in 2019 and is expected to showcase considerable growth backed by the increasing sales of generic and prescription pharmaceuticals drugs.Presence of Established Players in North America to Favor GrowthAmong all the regions, North America is expected to experience significant growth and hold the highest position in the global pharmaceuticals market during the forecast period. This is attributable to the increasing innovation in the pharmaceutical industry owing to the presence of major pharma companies in the region. North America stood at USD 501.7 billion in 2019.Europe, on the other hand, is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as the increasing investment in R&D activities to develop effective pharmaceutical vaccines in the region between 2020 and 2027.Product Innovation by Major Companies to Gain Market DominanceThe global pharmaceuticals market is fragmented by the presence of major companies that are focusing on introducing innovative pharmaceutical products to cater to the growing demand from the healthcare sector. In addition to this, other key players are adopting organic and inorganic growth strategies to maintain their presence that will favor the growth of the market in the forthcoming years.
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Industry Development:July 2020 – GlaxoSmithKline plc and CureVac announce their collaboration for research, development, manufacturing, and commercialization of up to five mRNA-based vaccines and monoclonal antibodies (mAbs). The companies are focusing on targeting infectious disease pathogens to develop advanced vaccines.
List of the Companies Profiled in the Global Market for Pharmaceuticals:GlaxoSmithKline plc. (London, U.K)F. Hoffmann-La Roche Ltd. (Basel, Switzerland)Novartis AG (Basel, Switzerland)Johnson & Johnson Services Inc. (New Jersey, U.S.)Merck & Co., Inc. (New Jersey, U.S.)Pfizer (New York, U.S.)AstraZeneca (Cambridge, U.K.)Sanofi (Paris, France)Novo Nordisk A/S (Copenhagen, Denmark)Other Players
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Table of Contents:IntroductionMarket ScopeMarket SegmentationMarket MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsClinical Trials in Pharmaceuticals Market – Number of Trials, Size of the Industry, Number of Participants, Number of Sites, R&D Spending of Major Companies, Economic Impact of Clinical TrialsSuccess Rate of Drugs – Average Time and Price to Get a Drug on the Market, Proportion of Drugs that are Successful and Reach Blockbuster StatusRisk & Opportunities in Development of New Drugs – Qualitative InsightsValuation of Pharmaceutical Companies – What Drives Valuation, Valuation of Major Companies, Impact of COVID-19Number of Customers – Details on Number of Healthcare Facilities, Pharmacies, Number of Patients, Number of Physicians & Nurses, etc. for Major Countries, 2019Impact of COVID-19 on the Pharmaceuticals MarketGlobal Pharmaceuticals Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeDrugsPrescription DrugsOTC DrugsVaccineMarket Analysis, Insights and Forecast – By IndicationAntiviralAnti-infectiveAnti-hypersensitiveOncologyRespiratory DisordersCardiovascular DisordersNeurology DisordersDiabetesOthersMarket Analysis, Insights and Forecast – By Distribution ChannelHospitals PharmaciesRetail PharmaciesOnline PharmaciesMarket Analysis, Insights and Forecast – By GeographyNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa